Technology

How to Use Data to Boost Your Small Business

Published

1 month ago

August 20, 2024

Entrepreneurs can gain value by harnessing the full potential of your company’s data.

WASHINGTON, Aug. 20, 2024 /PRNewswire/ — To succeed in today’s fast-paced data-driven business environment, small business owners should use performance metrics and KPIs (key performance indicators) to guide decisions and sustain growth. SCORE, a resource partner of the Small Business Administration and mentors to America’s small businesses, encourages small business owners to quantify and track performance benchmarks in order to refine operations and facilitate growth.

Small business metrics can be both qualitative, meaning they are described using words, or quantitative, meaning they are framed as numbers. In some cases, the most specific KPIs and metrics for your business might be a combination of both types of data points.

What’s the purpose of this data?
Business metrics and KPIs allow you to measure how well your company is performing against set goals for different areas of your operations, and how you can adjust to exceed expectations. There are metrics available for measuring customer satisfaction, employee retention, and understanding what products are selling the fastest and from what channel.

There are also different ways to develop situational or highly specific KPIs to track cash flow, quality, gross profit, the long-term value of specific customer demographic groups, and many other things. Every area of your business from people to products and processes can be measured, tracked and optimized through the use of data analysis.

“Verify your key metrics by periodically tracking both individual and aggregate results,” recommends SCORE mentor Nabil Freij. “With individual and total metrics, you can identify meeting your revenue goals, see who needs help improving, and learn who is pushing boundaries and raising the bar.”

Sales performance KPIs
To start building a more data-centered organizational culture, you need to start measuring success and qualifying shortcomings. For many small business leadership teams, sales performance metrics are the most logical place to start when looking to build on current success and sustain growth into the future. These metrics could include gross profit, cash flow forecast, inventory turnover and more.

These different indicators can provide actionable insights into the choices your management team should make to optimize successful business outcomes. However, sales performance data is not everything and as your business matures, you will want to consider many other areas as well.

Human capital performance metrics
For many small businesses, one of the single most variable costs is connected to the expense of human capital, or the value of your employees to your business. To develop a better understanding of the costs associated with human capital expenditure, your business may want to track KPIs such as turnover rate and human capital return on investment (HCROI).

Key logistics KPIs
Small businesses that are involved with e-commerce and are consistently working with shipping partners can benefit from using key performance indicators to evaluate success. Areas such as supply chain management, production, fulfillment and customer service all have metrics associated with them that your business should be tracking. These metrics can include freight cost per unit shipped, transit time to distance, and warehouse space.

Driving successful business outcomes
Measuring success is one of the most important ways for your business to optimize performance and consistently deliver better and more cost-effective operations. In today’s challenging business environment, the key to developing the agility needed to sustain success is found in harnessing the full power and potential of data-driven decision making.

Looking for more guidance? Find a SCORE mentor who can help you decide what’s right for your business.

“SCORE is free – utilize your free resources because as a startup, it’s hard to pinch all of those pennies,” said SCORE client Amber Sharp, CEO and owner of Claim Revolution. “They’re remarkable and always there for you.”

About SCORE:
Since 1964, SCORE has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE’s 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories. Visit SCORE at www.score.org.

Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.

CONTACT:
SCORE
202-968-6428
media@score.org

Looking for a small business expert or owner for an upcoming media story? Email media@score.org to request an interview source.

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SOURCE SCORE

Technology

Mullen & Mullen Law Firm Launches the Mullen & Mullen Music Project

Published

54 mins ago

September 23, 2024

Supporting Local Independent Music Venues and Artists

DALLAS, Sept. 23, 2024 /PRNewswire/ — Dallas based Mullen & Mullen Law Firm proudly announces the launch of the Mullen & Mullen Music Project, a dynamic initiative created in partnership with Spune Productions. The collaboration is designed to celebrate and rejuvenate the North Texas music scene by offering a platform for both emerging and established artists. The initiative kicked off with a Concert Series at local independent music venues.

Supporting Local Talent and Venues
Running from August to April, the Mullen & Mullen Music Project will feature 12 concerts at some of North Texas’s most cherished venues. The series kicked off on August 6th with a performance by Ben Nichols of Lucero at Club Dada. The Quaker City Night Hawks made their triumphant return at Tulips FTW on August 30th after a touring hiatus. The Quaker City Night Hawks concert was filmed on professional grade video cameras installed at the venue by the Music Project and live-edited by the firm’s videographer Sean Pollaro – himself a musician. The new cameras at Tulips FTW will serve as a wonderful content creation tool for local artists.

Enhancing the Music Experience
The Music Project has allowed participating venues to expedite substantial upgrades already underway. Ferris Wheelers Live has enhanced its suites and stage while embarking on an ambitious Ferris Wheel lighting project. Club Dada has upgraded its outdoor patio stage, and Tulips FTW installed the beforementioned state-of-the-art video and streaming system, enabling artists to record music and stream live performances. Each venue will also feature new murals designed and created by local artists.

A Community-Centered Initiative
Shane Mullen, Managing Attorney at Mullen & Mullen Law Firm, shared the firm’s vision: “The trust and loyalty of the North Texas community have been the foundation of our success. This project is our way of giving back by enriching the local cultural landscape and supporting the artists and venues that make our region unique.”

Corey Pond, General Manager of Spune Productions, added: “This initiative addresses the challenges faced by the indie music scene, providing more opportunities for local artists and supporting our cherished venues. It underscores the power of community, collaboration, and the enduring spirit of local music.”

Join Us in Celebrating Local Music
Over the coming months, experience the vibrant revival of North Texas’s music scene with us. Together, let’s strengthen our community while supporting local artists and independent venues. This is our backyard – let’s make it rock!

For more information, visit: https://www.mullenandmullen.com/music/

About Mullen & Mullen Law Firm:
Mullen & Mullen Law Firm has been privileged to represent injured North Texans for over 41 years. The firm is consistently recognized by TopVerdict for obtaining some of the largest personal injury settlements in the entire state of Texas. In the last 4 years, Mullen & Mullen made the “Top 50” list 44 times and the “Top 100” list 70 times. The firm offers the services of two investigators and an award-winning videographer. Website: https://www.mullenandmullen.com

About Spune Productions:
Spune Productions is an independent leader in curating and delivering distinctive music events across Texas. Committed to enhancing communities, Spune specializes in creating impactful experiences that resonate with audiences and reflect clients’ brands. From intimate gatherings to large-scale spectacles, Spune Productions tailors each event to amplify stories through the transformative power of music. Website: https://spune.com/

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SOURCE Mullen & Mullen Law Firm

Technology

Corteva to Participate in BMO Ag-Apalooza

Published

54 mins ago

September 23, 2024

INDIANAPOLIS, Sept. 23, 2024 /PRNewswire/ — Corteva, Inc. (NYSE: CTVA) announces that Chief Executive Officer, Chuck Magro, will speak at the 2024 BMO Ag-Apalooza event at 12:00 p.m. Eastern Time on Tuesday, September 24, 2024.

Remarks will be webcast live. The webcast can be accessed through the Corteva Investor Relations website. A replay of the presentation will be available 24 hours after the presentation ends and will be accessible until October 24, 2024.

About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the Company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.

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SOURCE Corteva, Inc.

Technology

SEEDING JUSTICE MAKES COMMITMENT TO ENVIRONMENTAL JUSTICE AND ECONOMIC DEVELOPMENT FOR OREGON AND PACIFIC NORTHWEST COMMUNITIES IMPACTED BY MULTIPLE CLIMATE BURDENS ON A GLOBAL STAGE AT THE CLINTON GLOBAL INITIATIVE TODAY

Published

54 mins ago

September 23, 2024

PORTLAND, Ore., Sept. 23, 2024 /PRNewswire/ — Seeding Justice’s Executive Director, Se-ah-dom Edmo, joins global leaders in expanding the nonprofit organization’s commitment to an inclusive green economy focusing on clean energy initiatives created by and for impacted communities.

Click here to watch Seeding Justice’s commitment video and learn more.

What:

Clinton Global Initiative

Who:

Se-ah-dom Edmo, Executive Director, Seeding Justice

When:

September 23, 2024

Where:

New York City, New York

Seeding Justice is a nonprofit organization founded in 1976 and is the region’s largest funder of grassroots organizing and community-led grantmaking.

We focus our work on frontline communities and use community guidance and leadership to help fund the most critical causes, including a new fund to support a community-centered, clean energy future.

Since 2020, our Community Fund program has granted nearly $34 million to communities across the state through Funds like the Reproductive Health Equity Fund and the Child Care Capacity Building Fund. Seeding Justice is also the founding funder of Oregon Worker Relief, the largest program of its kind in the state, and has supported the dispersal of more than $180 million through the Fund, which helps immigrant Oregonians make ends meet.

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SOURCE Seeding Justice